EURUSD: New Fresh High Puts The 1.4875 Level Under Pressure. EURUSD: A two-day recovery ended in another break higher in early trading today pushing EUR further higher to the 1.4797 level at the time of this analysis. This is coming on the back of a hammer formation on Monday and with fresh upside offensives seen, the 1.4875 level, representing its Sept 21'09 high will now be targeted ahead of its psycho level at 1.5000. On the downside, weakness if seen will trigger declines towards the 1.4736/19 level, its Sept 16'09/ Dec 18'08 highs ahead of the 1.4634 level, its Sept 11'09 high with a break and hold below there creating scope for further pressure towards the 1.4446 level, its Aug 09 high. This level is of significance in the pair's current run to the upside, as it is expected to reverse roles and provide support. On the whole, having continued to print higher level prices, EUR remains poised to target additional upside gains towards the 1.4875 level.
1.4736/19 Sept 16'09/Dec 18'08 highs
1.4634 Sept 11'09 high
1.4446 Aug 05'09 high
1.4875 Sept 21'09 high
1.5000 Psycho level